I didn't visit HN for a few days, sorry I didn't reply to your comment at the time. It's not that I don't think it would be a good thing to change policies this way, I agree that economics demands such a change.

Where we differ is in our belief over whether California voters would actually pass such an initiative at the polls. On past forms, I think campaign slogans would beat out economics or critical thinking. I do think ballot initiatives are a good thing in general, but as a state we have also passed some very foolish laws, whose long-term impact was not appreciated at the time. 'Three strikes' leading to life in prison is the most obvious example.